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BASF posts solid third-quarter results – Coatings business to be classified as discontinued operation
BASF achieved results slightly above market expectations in the third quarter of 2025 despite a weak market environment. The company reported EBITDA before special items of EUR 1.4 billion and announced a share buyback programme. The Coatings division will be reported separately as a discontinued operation.
Despite subdued market activity, BASF Group’s third-quarter 2025 results came in slightly above expectations. “Customer demand remained weak across nearly all industries and regions. Nevertheless, our performance exceeded market expectations,” said CEO Dr Markus Kamieth. EBITDA before special items, including the discontinued Coatings business, totalled EUR 1.5 billion (Q3 2024: EUR 1.6 billion); excluding this business, EBITDA reached EUR 1.4 billion.
Sales declined by 3 % to EUR 14.3 billion, mainly due to negative currency effects from the US dollar, Chinese renminbi and Indian rupee, as well as lower prices. Higher volumes in Surface Technologies, Chemicals and Materials partly offset these declines.
Coatings division classified as discontinued operation
Following the planned divestment, BASF’s automotive OEM coatings, refinish coatings and surface treatments businesses have been classified as discontinued operations under IFRS 5 since 30 September 2025. Their revenues and earnings are therefore excluded from the group’s consolidated figures.
EBIT increased to EUR 232 million, while net income fell to EUR 172 million from EUR 287 million in the previous year. Adjusted earnings per share rose to EUR 0.52 (EUR 0.32 in Q3 2024). Free cash flow amounted to EUR 398 million, down EUR 171 million year on year.
You can read more about the background to the change of ownership and the future of the Coatings division in the Interview with Uta Holzenkamp, President of BASF Coatings: ‘The agreement between BASF and Carlyle laid the foundation for the future independence of the Coatings division.’
Share buyback and 2025 outlook
BASF will launch a share buyback programme of up to EUR 1.5 billion in November 2025, to be completed by June 2026. The initiative is part of the broader EUR 4 billion repurchase plan announced for completion by 2028. CFO Dr Dirk Elvermann stated that the early start “reflects management’s confidence in BASF’s financial strength and intrinsic value.”
For 2025, BASF maintains its forecast for EBITDA before special items between EUR 6.7 billion and EUR 7.1 billion, free cash flow between EUR 0.4 billion and EUR 0.8 billion, and CO₂ emissions between 16.7 and 17.7 million tonnes.
